Arithmetic for Advanced Classes; Being a Continuation of Trotter's Lessons in Arithmetic for Junior Classes: Containing Vulgar and Decimal Fractions; Simple and Compound Proportion, with Their Application; Simple and Compound Interest, Involution and Evol
Arithmetic for Advanced Classes; Being a Continuation of Trotter's Lessons in Arithmetic for Junior Classes: Containing Vulgar and Decimal Fractions; Simple and Compound Proportion, with Their Application; Simple and Compound Interest, Involution and Evol
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1872 edition. Excerpt: ...the amount for the time which the bill has to run for the discount; the difference between this discount and the amount is called the net proceeds. In this country three days, called Days of Grace, more than the term of the bill are allowed. Ex. Find the net proceeds of a bill of 572,10s., dated April ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1872 edition. Excerpt: ...the amount for the time which the bill has to run for the discount; the difference between this discount and the amount is called the net proceeds. In this country three days, called Days of Grace, more than the term of the bill are allowed. Ex. Find the net proceeds of a bill of 572,10s., dated April 8th, at 3 months, and discounted June 3d, at 3J per cent. Here, 3 months from April 572, 10s. 8th is July 8th, and adding 3 laysof grace, the hill is due on July 11th; again from June 3d to July 11th is 38 days. Then the interest on the amount ( 572, 10s.) for 38 days, at 3J per cent., viz. 2, Is. 9d., is the discount, 73,000) 152285, 0s. Discount = 2, Is. 9d Amount = 572, 10s. 0d. andthen"etp"ocedsTfound I Net proceeds = 570, 8s. 3d. by subtracting 2, Is. 9d. from 572,10s. The interest is calculated to the nearest penny. Find the net proceeds of the following bills: Amount. Date. Term, u. 672,12s. Jan. 4. 4 mo. 12. 743,11s. Feb. 9. 6 13. 897.15s. Mar. 11. 5 14. 983, 4s. May 12. 7 15. 1260,14s. June 15. 3 16. 1340,17s. Oct. 14. 5 u. 1572, 8s. Apr. 10. 8 is. 2183,16s. Dec. 30. 7 // Discounts on merchants' bills are generally calculated the same way as in Commission. INSURANCE Is a contract by which an individual or company, in consideration of a certain allowance called premium, agrees to repay the owners of the goods, or other property insured, any loss or damage which they may have sustained to the amount stated in the written agreement or Policy of Insurance. The policy of insurance in this country must he written on Stamped Paper, the amount of which is called Policy-duty, and is always charged upon exact hundreds; thus, if...
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